Loans for Drycleaning and Laundry Services

Looking for loans for drycleaning and laundry services? An SBA loan may be just what you've been looking for. This $315,000 drycleaning and laundry services loan was issued by a California bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Encino, California was able to borrow $315,000 from Hanmi Bank. The SBA made the loan possible by guaranteeing $236,250 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
ENCINO, CA 91436

SBA Loan Lender

HANMI BANK
3660 WILSHIRE BLVD, STE 103
LOS ANGELES, CA 90010

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

3/14/2005

Loan Approval Gross Amount

$315,000

Loan Approval from the SBA

Of the total $315,000 loan amount, the SBA guaranteed $236,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 6 employees. This SBA loan request indicated that the loan would help retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Encino CA, you ought to talk with a local Encino SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Encino businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Hanmi Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

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Small Bank Loans in Los Angeles, California

Getting a Business Loan in California